Sears Selling Canadian Operations
HOFFMAN ESTATES, Ill. (AP) — Sears is considering selling its Canadian operations.
Its stock rose 5 percent in Wednesday premarket trading.
The retailer, which runs its namesake stores and Kmart locations, said that it is looking at strategic options for its 51 percent interest in Sears Canada. The Hoffman Estates, Illinois-based company said this includes the possible sale of its stake or the entirety of Sears Canada.
Sears Canada’s board and management plan to fully cooperate with Sears Holdings as it explores strategic alternatives.
Sears Holdings previously sold some store leases in Canada. Its overall business has been struggling after years of sales declines and it’s been closing some unprofitable stores.
Sears Holdings Corp. recently spun off clothing business Lands’ End as a separate public company after not having much success with it.